At the present time there are no simple inexpensive dynamic shaft seals available in the pump industry to handle a liquid at high temperature and at high shaft speed. For example, in an application for a pump handling high temperature condensate return to a boiler the environment will involve steam/hot water at 300.degree.+ F. and at shaft speeds as high as 1145 fpm. In the past it has been customary to use stuffing boxes for protecting the pump against leakage at the point where the shaft passes out through the pump casing. A stuffing box usually comprises a cylindrical recess that accommodates a number of rings of packing around the shaft. The packing frequently takes the form of a series of semi-hard rings which are held between the shaft and pump housing and serve as a seal. Some of the disadvantages with packing of this type is that some amount of pumped medium "leaking out" continuously is required for lubrication of the packing. It needs frequent monitoring and lack of lubrication will result in overheating of the seal. When the seal overheats it will subsequently fail and damage the shaft. Also when the seal fails it is not easy to remove and when a new seal is installed an initial break-in period is required. In some installations axial mechanical seals are used to replace conventional stuffing boxes where a fluid must be contained in spite of a substantial pressure head. Mechanical seals generally comprise two precision-machined, highly polished metal faces, (primary seal ring on the rotating shaft and mating ring attached to the housing) which make up the seal. Mechanical seals while they have advantages over conventional stuffing boxes nevertheless they also have disadvantages. For example, mechanical seals are expensive and elaborate hardware and assembly are required especially for high temperature water applications. Installation requires skilled labor and incorrect installation technique will shorten the seal life. Disassembly of the pump is required for removal of the damaged seals and mechanical seals require elaborate cooling arrangements for high temperature applications. Also, abrasive particles in the pumped medium or in the cooling water will damage the polished faces and result in seal failure. Another type of seal for rotating shaft applications is the radial lip-type seal. Lip seals generally comprise a resilient polymer, molded with a lip, held between the shaft and the pump housing. The lip rides against the shaft and the pressure of the medium being pumped imparts a sealing force on the lip. Lip seals have the disadvantage that they are designed for low temperature applications and not for steam applications at high shaft speed. Lip seals require lubrication between the lip and the riding surface and the lubrication is normally provided by the medium itself. Lip seals also require fine machining of the shaft diameter and housing internal dimensions and also require closely maintained tolerances in the manufacture of the components that hold the seal.